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Do not make this mistake when filing for bankruptcy

Struggling with finances is something that no one wants to go through. But there are many people in New Jersey who are dealing with the challenges of making mortgage payments and paying off medical and credit card bills on an income that simply does not stretch that far.

One thing that people may end up doing is dipping into a retirement fund to make some of these payments. Many people in this situation may also be considering the possibility of filing for bankruptcy. But before either of these things happen, it can be crucial to speak with a bankruptcy attorney in order to avoid making some costly mistakes.

For example, did you know that a 401(k) is protected from creditors? This means that if a person files for bankruptcy, the money in a retirement account will not be used to pay off debt. However, this is only true as long as a person does not take money out of a retirement fund. Once a person takes money out, the funds are no longer protected.

This can be a critical error that people make in an attempt to save their assets. They may think that they can file for bankruptcy and still use funds from a retirement account for monthly expenses, but this can be a significant mistake.

When people are struggling with financial issues, they may not want to talk to anyone about it. They may feel embarrassed or as though they should handle the situation alone. However, one of the most important things a person can do before deciding whether or not to file for bankruptcy is to speak with an attorney to discuss your options.

Client Testimonials

“Mr. Spivack was very helpful in our legal dealings. He would always available and knowledgeable on the subject. He kept the focus on the law and what was required. Mr. Spivack had my family’s best interest as the first priority. Explained every step the procedure and what would be expected. In our hearing, Mr. Spivack...”
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Steve /
Bankruptcy

“Mr. Spivack represented me during my bankruptcy. He provided guidance and support at a very dire time in my life. With Mr. Spivack I did not have to worry about anything but providing him with my information. He walked me through the whole thing, put me at ease and treated me with such dignity at...”
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Jennifer /
Bankruptcy

“Joel was very thorough and made sure we knew what was going on at all times. I felt very comfortable with him handling our financial matter and that he did his best when working our case.”
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Jessica

“My wife and I highly recommend Joel for any bankruptcy case! He is highly knowledgeable and very easy to work with. He and his office are very responsive to any and all questions we had. He responds promptly to all inquiries, even after hours and on weekends on most occasions! There was never a feeling...”
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Michael and Robin /
Bankruptcy

“I was first introduced to Mr. Spivack several years ago when clients of mine filed for personal bankruptcy. Since then I have also experienced first-hand his work ethic, knowledge, timely response & attention to detail with regards to residential real estate transactions. I highly recommend Mr. Spivack & look forward to working with him again!”
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Lisa /
Real Estate

“Joel was so very patient with me during a hard time in my life of losing my husband and then I got ill, he is a world class lawyer who takes the time to know and understand his clients. Thank you so much”
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Berenice /
Bankruptcy

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THE LAW OFFICE OF JOEL R. SPIVACK

The Law Office of Joel R. Spivack in Cherry Hill, New Jersey, provides comprehensive bankruptcy law services to clients throughout the Delaware Valley, including South Jersey and the Philadelphia area, including the communities of Cherry Hill, Trenton, Camden, Burlington, Bordentown, Pennsauken, Collingswood, Marlton, Mt. Laurel, Mt. Holly, Woodbury, Philadelphia and other communities in Burlington County, Mercer County, Camden County, Gloucester County, Somerset County, Salem County, Atlantic County, Cumberland County and Cape May County.